Terra Price Analysis: LUNA Buyers Sabotage Bearish Pattern With Eyes on $100

The Terra (LUNA) price finds a surge in buying pressure, resulting in an upside breakout of the falling wedge pattern in the 4-hour chart. Moreover, the morning star pattern increases the chances of a sustained uptrend reaching the psychological barrier of $100. Will buyers finally surpass the psychological barrier?

Key points: 

• The LUNA price gives a falling wedge breakout.
• The LUNA buyers approach the $100 mark.
• The intraday trading volume in the LUNA is $2.47 Billion, indicating a 114.6% rise.

Source- Tradingview

The Terra(LUNA) price shows a remarkable recovery rally triggered after a 35% downfall within a fortnight. The recovery starting on 18th April near the $75 mark surpasses the 200-period EMA of the 4-hour chart to approach the $100 mark.

However, the rally fails to surpass the psychological level, resulting in a falling wedge fashion retracement. The bearish pattern accounts for a downfall of 10% within three days to test the $88 level. 

Today’s bullish reversal puts buyers back in the driving seat resulting in an upside breakout as the prices surpass the resistance. the coin price currently traders at $94.15 mark, with an intraday gain of 4.10%

As the uptrend continues, the buyers can find the market price reaches the psychological barrier of $100. However, a retracement is expected to retest the bullish breakout. 

A successful breakout from the $100 resistance would drive the LUNA price to the All-Time High resistance of the $120 mark.

• Resistance levels: $100 and $120
• Support levels: $90 and $81.6

Technical indicator

RSI Indicator: The 4-hour RSI slope shows a bullish spark surpassing the 14-period average to enter the nearly overbought territory. Hence, the indicator reflects a surge in the underlying bullishness. 

EMA: The flattish 200 EMA accentuates a sideways rally. However, the decreasing bearish spread between the 50 and 200-period EMA increases the chances of a golden crossover in the 4-hour chart.